Housing Market Bottom

You’ve heard it before, but this time a string of data suggests the housing market might finally be near its bottom. How should you be positioned?

On Monday investors were bombarded with not one, not two, but three pieces of information – all of which look bullish for housing.

Early in the day Lowe’s CEO Robert Niblock sparked optimism when he said "In recent weeks, we have seen consumer confidence improve, housing turnover show signs of a bottom in certain markets and home prices slow their decline."

Then, CEOs from several regional banks around the country told CNBC they are seeing some signs of “green shoots” in the housing market.

“The mortgage business is booming—70 percent in refinancing and 30 percent in new home purchases,” Kelly King, CEO of BB&T said.

“We’re seeing large correspondent warehouse providers coming back into the market making money available to larger mortgage regional bankers. It’s a clear sign that people are looking back at supporting the mortgage market,” adds Steve Calk, CEO of Chicago Bank.

On top of that the National Association of Home Builders said its housing market index rose for the second month in a row in May, reflecting growing optimism among builders.

"I'm mildly bullish," reveals Jared Levy of Peak6 Investments on Fast Money. With the sharp declines in real estate, home prices are currently at 2003 levels. Moving forward I think we start to see some slight rise in housing vales.

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